Razer Merchant Services, the B2B arm of Razer Fintech, has partnered with Payments Network Malaysia to launch the MyDebit Tap-On-Phone feature on the RMS Virtual Terminal mobile application.
Razer Merchant aims to enable 2,000 merchant touchpoints with the MyDebit contactless payment feature by Q4 2021.
Through the collaboration, merchant smartphones can be converted into payment terminals, enabling smaller merchants to accept MyDebit payments from approximately 21 million ATM cardholders without incurring rental and monthly maintenance fees for card payment terminals.
Consumers merely need to tap their MyDebit ATM cards on merchants’ Android Near-Field Communication devices to transact purchases below RM 250 securely, while Razer has enabled the ‘PIN on Glass’ verification feature for contactless transactions above the stipulated amount.
The RMS Virtual Terminal app also supports face-to-face and remote transactions via online payment links and a vast variety of other payment options, including PayNet’s DuitNow QR, which would accelerate the adoption of digital payments.
“This partnership with PayNet cements the app as a revolutionary mobile payment software platform that our offline merchants can use to accept MyDebit ATM cards. The mobility will simplify how the merchants receive payments at a fraction of the usual cost,” says Lee Li Meng, CEO of Razer Fintech.
Peter Schiesser, Group CEO of PayNet says this new collaboration between MyDebit Tap-On-Phone with Razer Merchant would provide opportunities for more merchants to go digital and offer contactless card payments.”
He added that TOP could potentially benefit over 25,000 micro, small and medium enterprises in the country, many of whom have yet to be fully digitalised.
